The founder of Danube Properties, Rizwan Sajan, shrugged off concerns about overcapacity in Dubai’s residential property market after the launch of its eighth project, the Dh300 million Resortz development.
Mr Sajan said that although there were developers who were struggling to sell inventory, he is confident that all of the 444 units (including retail) it is building at Resortz, which is based at Arjan near Miracle Gardens, would be sold within weeks.
“Hopefully, it is going to be sold out in a month,” he said.
“Every market, there are two sides of the coin. On the one side, you will see in Dubai also there are some people who are crying - profit is not good, this or that is not happening. On the other side, you will see a lot of people are flourishing
“It depends on how you perceive the market. If you talk to most of the developers, they will say the market is cold and they are not able to sell. You look at it as Danube, we are.”
Danube Properties launched 1,274 units onto the market last year, with a combined development value of about Dh1bn. It also awarded Dh521m worth of construction contracts.
Mr Sajan said that he anticipates a 25 per cent to 30 per cent increase this year in the combined value of projects launched to between Dh1.2bn and Dh1.3bn.
He said that he was confident of a quick turnaround for Resortz partly because of its make-up - 305 of the 419 apartments are studios, which are most popular with investors due to the lower ticket price. Of the remainder, 54 are one-bed units, 56 are two-beds and there are four, three-bedroom apartments. There are also 25 retail units available at the site, which will consist of three, ground-plus-four storey blocks on a four-acre site. The company anticipates selling studios for Dh450,000 to Dh500,000, one-beds from Dh800,000 and two-bed apartments from Dh1.1m to Dh1.2m.
Atif Rahman, a director of Danube Properties, said that Danube is now close to handing over its first project, Dreamz by Danube, which was launched in June 2014.
“Quarter two will see the handover of our second and third projects, Glitz 1 and Glitz 2, followed by our next project, Glitz 3, in quarter three this year. So it’s going to be a landmark year with a lot of handovers,” he said.
He added that of the projects launched last year, preliminary works have taken place on both Starz and Glamz, and concrete pours for each building’s foundations are likely to take place this month and next month respectively.
Mr Sajan said that tenders had been issued for its seventh project, the 600-unit Miraclz development, and that a contract award was likely within the next four months. Following this, it will issue tenders for Resortz.
Danube Properties has already acquired a site for its next project, which is likely to launch in April.
“In the summer, we should be able to pick up a couple of more plots,” said Mr Sajan.
mfahy@thenational.ae
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
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Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Summer special
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY%20PROFILE%20
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
The%20specs
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Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Company%20Profile
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Company%20Profile
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
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